Reported 5 months ago
Oil prices rose about 1% on Friday but fell for the week due to concerns that strong U.S. economic data could lead to prolonged high interest rates, dampening fuel demand. Brent crude July contract closed at $82.12 a barrel, with the more-active August contract at $81.84, while U.S. West Texas Intermediate settled at $77.72. The market is monitoring the Federal Reserve's interest rate policy and the upcoming OPEC+ meeting on June 2 to discuss extending oil output cuts.
Source: YAHOO